Economics Vocabulary

Front

Choosing the option with the greatest benefit and lowest cost.

Back

Opportunity cost

Front

The basic problem that resources are limited but wants are not.

Back

Scarcity

Front

Physical items that can be bought

Back

Goods

Front

Actions or activities done for others.

Back

Services

Front

The study of how people businesses and the government make choices.

Back

Economics

Front

things that people must have in order to survive

Back

needs

Front

things that people would like to have but can live without

Back

wants

Front

Market where person spends income.

Back

Product market

Front

When you give up one thing to gain another.

Back

trade off

Front

Market where a person earns income

Back

Factor Market